Because petty cash funds are for small dollar amounts, internal control policies to govern the fund are not necessary.

Name: Because petty cash funds are for small dollar amounts, internal control policies to govern the fund are not necessary.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Internal control policies are necessary for all funds, regardless of the dollar amount. Petty cash funds should have policies in place to ensure that the money is used appropriately, documented properly, and safeguarded from theft or misappropriation.

Because Petty Cash Funds Are for Small Dollar Amounts, Internal